A well-established tile and bathroom retailer operating primarily in Sussex has been entered into liquidation having become unable to cope with a serious financial crisis in recent weeks.
IRC section 897(g) does not treat a partnership interest as a USRPI to the extent the gain on the disposition is attributable to cash, cash equivalents or other property.
However, FIRPTA may require withholding tax on the total amount realized.
When being quoted low fees for liquidations, the saying that comes to my mind is “If it looks too good to be true, then it usually is” please be careful as the outcome may not be what you had hoped for.
If you have any questions about the voluntary liquidation process please feel free to contact one of our licensed insolvency practitioners.
This is done through a system of rules that track and adjust the shareholder’s stock basis.
While there are some differences, the S corporation basis system is similar to the rules that apply to partnerships.
The tax consequences of distributions by an S corporation to a shareholder depend on the shareholder’s basis in the S corporation stock.
Distributions to the shareholder are not included in the shareholder’s gross income to the extent that the distribution does not exceed the shareholder’s basis in the stock.
This data base includes the following information: The business section of public libraries may have this directory.